Save Rs 588 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

TDS ON LOAN????

Save Share

Join Us Follow Us Add as Source

This query is : Open

Report Follow Query Ask a Query

Querist : Anonymous

Querist : Anonymous (Querist)

29 November 2010 Respected Experts

I have taken a loan of Rs. 20 Lac from my company, which is pvt. ltd. and I am employee of the company. I have two Query?

1. Which is Fair Rate of Interest back to company on Loan?
2. Being an individual, It is my responsibility to deducted TDS on Intt. Paid or not?

Thanks

CA Shailesh Kumar Bhagat

CA Shailesh Kumar Bhagat (Expert)
Follow

29 November 2010 Fair rate is bank rate of interest.

Individual doesnot have to deduct the TDS on interest payment.

AMAN Gupta

AMAN Gupta (Expert)
Follow

30 November 2010 Since you are in employment and not a businessman So, sec 194A can not be applicable on you. So, no liability to deduct TDS. Please clear your first question.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now